OLD Second National Bank of Aurora Has $1.67 Million Stake in Corning Incorporated (NYSE:GLW)

OLD Second National Bank of Aurora lessened its holdings in Corning Incorporated (NYSE:GLW) by 1.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,075 shares of the electronics maker’s stock after selling 697 shares during the quarter. OLD Second National Bank of Aurora’s holdings in Corning were worth $1,674,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. City Holding Co. raised its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Global Trust Asset Management LLC boosted its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Venturi Wealth Management LLC grew its position in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares during the last quarter. ESL Trust Services LLC acquired a new position in Corning in the 1st quarter worth about $33,000. Finally, Accordant Advisory Group Inc acquired a new stake in shares of Corning during the second quarter valued at about $39,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on GLW shares. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 1.2 %

NYSE:GLW opened at $48.32 on Wednesday. The company has a market cap of $41.37 billion, a P/E ratio of 284.24, a P/E/G ratio of 1.57 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.41 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock’s fifty day moving average price is $45.24 and its two-hundred day moving average price is $41.17.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s payout ratio is 658.82%.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.